Vakrangee, a financial services distributor, on July 15 said its consolidated profit after tax (PAT) for the first quarter of the financial year 2023-24 came in at Rs 49 lakh, rising 716.67 percent year on year (YoY), on better operating margins.
The company’s total income stood at Rs 55.90 crore for the June quarter, up 14.74 percent from the year-ago period. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 6.93 crore, up 56.08 percent from the year-ago quarter.
The company said its quarterly Gross Transaction Value (GTV) crossed Rs 14,920.74 crore, while quarterly number of transactions crossed 3.32 crore.
“Profitability has started improving on YoY basis as well as there has been improvement in operating margins, our growth in margins and profitability shall continue as we scale up our network and operating leverage kicks in,” the company said in a statement.
It also announced a dividend of 5 paise per share for FY 2022-23, subject to the approval at the annual general meeting.
The company said its focus has been on expanding its presence through the master franchisee network and strengthening its first-mover advantage. It is building a pan-India district-level master franchisee network, which would result in on-ground solid operational management and better scalability.
Vakrangee plans to achieve 100 percent district coverage by March 2024 from the present 292 districts in 28 states.
On July 14, the stock ended at Rs 16.75 on the National Stock Exchange, up 3.08 percent from the previous close.
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